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FTX hearing: US lawmakers criticize use of Quickbooks, creepy dough, and ‘conscientious stupidity’

Some members of the U.S. House of Representatives questioned whether Sam Bankman-Fried’s actions at FTX and Alameda may have been willful or due to gross incompetence.

Continue ReadingFTX hearing: US lawmakers criticize use of Quickbooks, creepy dough, and ‘conscientious stupidity’

Hours before his arrest, SBF denied being part of ‘Wirefraud’ chat group

SBF’s last tweet before his arrest for reportedly committing wire fraud was dispelling his involvement in a group chat purportedly called “Wirefraud.”

Continue ReadingHours before his arrest, SBF denied being part of ‘Wirefraud’ chat group

FTX was an ‘utter failure of corporate controls at every level of an organization’, says CEO

Countering some of SBF's claims, John Ray said that “FTX US was not operated independently of FTX.com” and a Chapter 11 filing was necessary to avoid a bank run.

Continue ReadingFTX was an ‘utter failure of corporate controls at every level of an organization’, says CEO